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Employer Bulletin | 22 May 2023

Issue date

Despite global challenges, the Treasury anticipates New Zealand will avoid recession, supported by rebuilding efforts and stronger tourism. The forecast includes a growth rate of 3.2% this year, falling inflation, a peak unemployment rate of 5.3% next year, 5.2% annual wage growth, and a net debt peak of 22% of GDP in 2024. The government aims to achieve a surplus by 2025/2026, and real government consumption is expected to fall by 5% by early 2025. The forecast indicates a strong economy that can withstand challenges.

In today's Bulletin:

  • Bread and butter Budget 2023 leaves only crusts for business
  • Budget delivers support for tertiary education and training
  • Govt investment in arts delivers strong economic results
  • Changes to Partner of a Worker Work Visa confirmed
  • Business price indexes: March 2023 quarter
  • Four Employment Relations Authority cases and two Bills open for public submission.
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